Prepare To Pay Plenty Per Pump
Michigan Agency for Energy sees jump in summer gasoline prices, increased demand for electricity, natural gas
LANSING, Mich. – Michigan drivers this summer will pay more at the pump for a gallon of gasoline, but they’re still expected to use more of the motor fuel for the sixth year in a row, according to the Summer Energy Appraisal released today by the Michigan Agency for Energy (MAE).
Demand for other forms of energy are also forecast to increase this summer over last year, with electricity up 1.5 percent, natural gas expected to jump 8 percent, and diesel fuel likely to rise 2.6 percent, according to the annual MAE analysis of trends in the state’s fuel and power sectors.
Nationally, gasoline prices are expected to be 20 percent higher this year than they were in 2017, with motorists paying an average of $2.90 per gallon during the April through September summer driving season, according to the federal Energy Information Administration. That’s up from $2.41 last summer. Due to higher per gallon prices, the annual household cost for gasoline will increase an average of $377 compared to the same period in 2017, according to MAE.
Gasoline demand in Michigan is expected to hit 4.76 billion gallons, up 2.7 percent from 2017. National inventories are near the top of the five-year range for this time of year. However, unforeseen refinery outages, political unrest, adverse weather conditions, or other national or world disruptions to supply could influence the price and supply of gas.
Key facts from MAE’s Summer Energy Appraisal:
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